Research approval granted: institute must maintain separate research accounts and submit annual returns and audited accounts. Approval is granted to Lal Chand Agro Research Institute, New Delhi, under section 35(1)(ii) as an 'Association' for the period 1-4-1986 to 31-3-1987, subject to maintaining separate accounts for research receipts, furnishing annual returns of scientific research activities by 30 April each year, submitting audited annual accounts and balance-sheet to the prescribed authority and Commissioner by 30 June each year, and seeking extension of approval from the Central Board of Direct Taxes three months before expiry.